With input from insurance professionals across the country, KPMG's 5th annual Canadian insurance industry opportunities & risks report builds on our previous survey findings, and we look at how industry disruptors and innovations are reshaping the way insurers are doing business.
What are the top opportunities?
- Survey respondents reveal that data analytics to enhance product design, marketing and pricing is the top opportunity for their organization in the short-term (63%) and long-term (63%).
- Changing customer needs and expectations is the top opportunity within the insurance industry in the short-term (65%) and long-term (71%).
- Enhanced operational processes and use of technology is one of the top opportunities for organizations (54%) and for Canadian insurers (58%) over the next year.
What are the top risks?
- 50% of survey respondents highlighted the regulatory and compliance burden as a top risk for organizations over the next year.
- 54% expect major disruption in the insurance sector in the coming 3 years as a result of technological innovation.
- Failure to adopt new technologies successfully poses as one of the top risks for organizations (44%) and Canadian insurers (50%) alike over the next 3 – 5 years.
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